Business News Report
January 24, 2023

Porsche releases its 911 NFTs nobody asked for; the collection fails to get traction

In Brief

Porsche released the “911” NFT collection, but it fails to gain traction

The community believes that the brand’s digital artworks are not creative and too expensive.

German automobile manufacturer Porsche has released its first NFT collection. Dubbed “PORSCHΞ 911,” the collection features 7,500 non-fungible token artworks of the brand’s renowned 911 sports car.  

Porsche first announced the upcoming release in November 2022. Minted on the Ethereum blockchain, the collection was meant to be a new way for the luxury carmaker to engage with its existing fans and attract new wealthy clients worldwide. 

Porsche NFT

However, the crypto community is not excited about the drop, and the collection failed to gain traction. At the time of writing, only 1,427 of the 7,500 artworks have been minted. 

“PORSCHΞ 911” is being criticized for its lack of originality and its exorbitant prices, with the minting price of 0.911 ETH (approximately $1,473 at the moment of writing). The current floor price of the NFTs on the secondary market is 0.8824 ETH.

Porsche’s NFT experiment is a reminder of the difficulties that traditional companies might have when entering the web3 space. The “911” release shows brands how important it is to establish a strong connection with the audience and collaborate with existing web3 experts and brands. In addition, crypto enthusiasts believe it is crucial to show passion and interest in everything innovative and invest in technology as much as possible. 

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About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

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